Unid Co Beneish M-Score Historical Data
The historical data trend for Unid Co's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Unid Co Beneish M-Score Chart
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Unid Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.55 |
-2.66 |
-2.22 |
-1.16 |
-3.48 |
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Unid Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.43 |
-2.15 |
-2.81 |
-3.48 |
-3.54 |
Competitive Comparison of Unid Co's Beneish M-Score
For the Chemicals subindustry, Unid Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Unid Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Unid Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Unid Co's Beneish M-Score falls into.
Unid Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Unid Co for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.032 | + | 0.528 * 0.9441 | + | 0.404 * 1.0658 | + | 0.892 * 0.7357 | + | 0.115 * 1.1229 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1933 | + | 4.679 * -0.194138 | - | 0.327 * 0.7503 |
| = | -3.54 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩278,131 Mil.
Revenue was 254702.842 + 247326.884 + 250706.482 + 301148.618 = ₩1,053,885 Mil.
Gross Profit was 60853.268 + 52652.149 + 32247.688 + 39762.285 = ₩185,515 Mil.
Total Current Assets was ₩567,471 Mil.
Total Assets was ₩1,266,181 Mil.
Property, Plant and Equipment(Net PPE) was ₩545,115 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩49,480 Mil.
Selling, General, & Admin. Expense(SGA) was ₩73,623 Mil.
Total Current Liabilities was ₩294,304 Mil.
Long-Term Debt & Capital Lease Obligation was ₩36,716 Mil.
Net Income was 21659.346 + 13455.13 + -1815.347 + 4393.557 = ₩37,693 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 8647.941 + 74563.964 + 82446.659 + 117847.476 = ₩283,506 Mil.
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Total Receivables was ₩366,315 Mil.
Revenue was 334533.023 + 346479.758 + 393164.621 + 358223.542 = ₩1,432,401 Mil.
Gross Profit was 32295.615 + 31738.613 + 81261.476 + 92755.47 = ₩238,051 Mil.
Total Current Assets was ₩741,762 Mil.
Total Assets was ₩1,413,114 Mil.
Property, Plant and Equipment(Net PPE) was ₩510,518 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩52,620 Mil.
Selling, General, & Admin. Expense(SGA) was ₩83,853 Mil.
Total Current Liabilities was ₩459,377 Mil.
Long-Term Debt & Capital Lease Obligation was ₩33,013 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (278131.076 / 1053884.826) | / | (366315.317 / 1432400.944) |
| = | 0.26391 | / | 0.255735 |
| | = | 1.032 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (238051.174 / 1432400.944) | / | (185515.39 / 1053884.826) |
| = | 0.16619 | / | 0.17603 |
| | = | 0.9441 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (567471.097 + 545114.593) / 1266181.139) | / | (1 - (741762.148 + 510517.966) / 1413114.477) |
| = | 0.121306 | / | 0.113816 |
| | = | 1.0658 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 1053884.826 | / | 1432400.944 |
| | = | 0.7357 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (52619.611 / (52619.611 + 510517.966)) | / | (49479.899 / (49479.899 + 545114.593)) |
| = | 0.09344 | / | 0.083216 |
| | = | 1.1229 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (73622.703 / 1053884.826) | / | (83853.392 / 1432400.944) |
| = | 0.069858 | / | 0.05854 |
| | = | 1.1933 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((36715.918 + 294304.499) / 1266181.139) | / | ((33012.545 + 459377.118) / 1413114.477) |
| = | 0.261432 | / | 0.348443 |
| | = | 0.7503 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (37692.686 - 0 | - | 283506.04) | / | 1266181.139 |
| | = | -0.194138 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Unid Co has a M-score of -3.54 suggests that the company is unlikely to be a manipulator.
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